Study: Worldwide wound care market poised for major growth
NEW YORK CITY - Here's some potential big news for wound care providers: The worldwide demand for these products is expected to grow by about 6% for the next few years, according to "World Wound Care Markets 2010" by Kalorama, a market research company.
What's driving that growth? The need to cut healthcare costs by moving patients out of hospitals faster.
"Many of these new products are proven cost-savers," said Mary Ann Crandall, analyst for Kalorama Information and author of the report. "There's always a demand to reduce hospital stays and improve patient outcomes, and a product that can save money in the long run can get a favorable result in reimbursement decisions."
The top four wound care companies worldwide are Johnson & Johnson, Kinetic Concepts, Hill Rom and Smith & Nephew. These companies are responsible for about 60% of the revenues of the total market, Kalorama reported.
Besides new products, Kalorama predicts that a number of demographic factors will contribute to this market's growth. These include an aging population and sicker patients with more complex illnesses such as diabetes, obesity, heart failure pulmonary and vascular disease, immobility issues and chronic wounds.